NOIDA: The Noida Authority on Wednesday directed the builders of various projects in Sector 107 to formulate an exit plan for the buyers who had invested in the 5,000 apartments in the sector.

Even as a decision on the land acquisition and construction of the apartments in the sector is pending with the Supreme Court, the chairman of the Noida Authority directed the builders to submit the plan which would enable the buyers to withdraw their investments from the builders. The builders are supposed to submit the plan before May 25.

The Authority has called for another meeting with buyers and builders on May 25.

"We have been assured by the Noida Authority that while an exit from the projects will be offered to the buyers, the Authority will also join the ongoing case as a third party. Many buyers now simply want to exit the projects, thereby helping many of us to extract our funds," Puneet Parashar, a member of Sector 107, home buyers' association, said.

Sector 107 comprises apartments of Lotus 300, Amrapali Heartbeat City and Great Value Sharnam. The buyers bought the flats in 2010-11 in Noida's Sector 107 (Sallarpur village). The Noida Authority acquired land in the year 2008-09 under an urgency clause of the Land Acquisition Act which was challenged by the farmers, first in the Allahabad high court and then in the Supreme Court. The apex court quashed the acquisition in an order on August 5, 2013.

The builders moved the SC for a review of the order. The SC then sent the case back to the Allahabad high court for a review. In June 2014, an Allahabad high court order stopped all construction in Sector 107 and imposed status quo. The projects have since remained stalled.

"It has been a long-drawn battle. The Sector 107 buyers have been fighting for justice for years. This recent drive has been possible because of our sustained online protests and demonstrations. We hope the issue will be resolved soon," said Arun Kalra, another member of the association.